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Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.515.509 Entries in certain accounts for normal service charges

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) Any banking institution within the United States is hereby authorized to:

(1) Debit any blocked account with such banking institution (or with another office within the United States of such banking institution) in payment or reimbursement for normal service charges owed to such banking institution by the owner of such blocked account.

(2) Make book entries against any foreign currency account maintained by it with a banking institution in a designated foreign country for the purpose of responding to debits to such account for normal service charges in connection therewith.

(b) As used in this section, the term normal service charge shall include charges in payment or reimbursement for interest due;  cable, telegraph, or telephone charges;  postage costs;  custody fees;  small adjustment charges to correct bookkeeping errors;  and, but not by way of limitation, minimum balance charges, account carrying charges, notary and protest fees, and charges for reference books, photostats, credit reports, transcripts of statements, registered mail insurance, stationery and supplies, check books, and other similar items.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.515.509 Entries in certain accounts for normal service charges - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-31-money-and-finance-treasury/cfr-sect-31-515-509/

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